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economic growth

﻿ECONOMIC GROWTH is the long term expansion of a country’s productive potential Short term growth is measured by the annual % change in real national output – this is mainly driven by the level of aggregate demand (C+I+G+X-M) but is also affected by shifts in SRAS Long term growth is shown by the increase in trend or potential GDP and this is illustrated by an outward shift in a country’s long run aggregate supply curve (LRAS) Key drivers of growth

There have been numerous research studies in what determines long term GDP growth Every country is different, each factor will vary in importance for a country at a given point in time

Advantages of Economic Growth1. Higher living standards – i.e. an increase in real income per head of population 2. Employment effects - growth stimulates more jobs to help new people as they enter the labour market 3. Investment - the accelerator effect - rising demand and output encourages investment – this sustains growth by increasing long run aggregate supply 4. Consumer and business confidence - growth has a positive impact on business profits & confidence. A stronger economy will help to persuade consumers that the time is right to make major purchases 5. Growth can also help protect the environment such as low-carbon investment, innovation andresearch and development, resulting in more efficient production processes to reduce costs.Ethical consumerism and corporate social responsibility has become important in recent years. Disadvantages of economic growth

There are economic and social costs of a fast-expanding economy. Inflation risk: If demand races ahead of aggregate supply the scene is set for rising prices. Many fast growing developing countries have seen high rates of inflation in recent years, a good example is India Working hours – sometimes there are fears that a fast-growing economy places increasing demands on the hours that people work and can upset work-life balance Structural change – although a growing...

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...this will affect the theme park , because there will be a decrease in public spending due to inflation . further if inflation is rising so there will be increase in cost of theme parks such as expenses will rise up , therefore theme park will have no other option left and they will increase their tickets price also .
Economic development
If the Alton theme parks does a good business ever year such as many people or tourist love to come to UK for enjoyment and in this case Alton theme park Is a good example of entertainment and many people would like to visit it due to this it will have a positive impact over economic conditions of UK, such as there will be increase in GDP , Globalization will increase and there will be a big boom in tourist industry .
Employment
Alton theme park is place which is full of entertainment and in this case many people want to visit it in different seasons such as summer vacations is a good season in which theme parks are fully crowded . To handle that demand of people Alton theme park will need workers in their organization every year . Theme park can play a vital role in seasonal employment which is good for economicgrowth because unemployment will be reduced.
Mac Gee (2004) Pg 415, (themeparks UK, 2008), titley, b.pg 378 (1993).
Social
Life style changes
When we talk about life style so now days different people have different life style . According to people...

...China’s official GDP growth rate has fallen sharply – on Friday Beijing announced that GDP growth for the second quarter of 2012 was a lower-than-expected 7.6% year on year, the lowest level since 2009 and well below the 8.1% generated in the first quarter. This implies of course that quarterly growth is substantially below 7.6%. Industrial production was also much lower than expected, at 9.5% year on year. In fact China’s real GDP growth may have been even lower than the official numbers. This is certainly what electricity consumption numbers, which have been flat, imply, and there have been rumors all year of businesses being advised by local governments to exaggerate their revenue growth numbers in order to provide a better picture of the economy.
Some economists are arguing that flat electricity consumption is consistent with 7.6% GDP growth because of pressure on Chinese businesses to improve energy efficiency, but this is a little hard to believe. That “pressure” has been there almost as long as I have been in China (over ten years) and it would be startling if only now did it have an impact, especially with such a huge impact occurring so suddenly. Adding to the slow economicgrowth, the country may be tipping into deflation. Last Monday the National Bureau of Statistics releasedthe following inflation data:
In June, the consumer price index...

...﻿
Nowadays, gross domestic product (GDP) is the prime measure for economic performance in different countries around the world. Governors or politicians using this figures to make economical decisions for years. However, controversy indeed surrounded the economist about whether they should gauge the economics statues with other metric rather than GDP as the rapid growth in recent years has changed the main target for the leaders in different countries.
GDP measures have been started since the Second World War, which was used to monitor the war production level. This brings out that the definition of GDP is the final value of all goods and services produced in a country per period of time, which is the products produced within a country and those products that are sell and purchase through the market at a price where consumers willing to pay and producers willing to sell. It can also tell us how the economy is performing during four different quarter per year.
For instance, since 1955 there are several times for British economy suffered recessions (two continuous quarters of negative economicgrowth), which can be shown by GDP indicator (two separated period of recession):
Year and quarter
Growth of GDP% in Year, quarter
Nominal Gross Domestic Product
Real Gross Domestic Product
1980 Q1
-0.9
171,113
55,807
1980 Q2
-1.8
168,063
57,308
1980 Q3
-0.2
167,717
59,232
1980 Q4
-1.1...

...Philippines
I. Crisis
The Philippines entered the crisis on a sound footing relative to its major East and Southeast Asian neighbors (except Indonesia), which commonly experienced economic contraction, especially in the industrial and export sectors. As such, this has been suggested as evidence of the country’s newly gained economic resilience. It must be noted, however, that the Philippines has likewise not experienced the spectacular economic performance of its neighbors in recent times, which saw their per capita incomes more than doubling during the past three decades. In contrast, per capita income in the Philippines today is only roughly one-fifth higher than it was 30 years ago. Even as the crisis badly hit investments and exports, which fueled rapid growth in East Asia’s “early globalizers”, it is highly unlikely that it would wipe out the region’s economic and social gains during the period. On the other hand, because the Philippine economy has missed the opportunities for economicgrowth in recent decades, the country has a rather weak capacity to cushion the impact of the crisis on the poor, whose number have increased substantially in recent years even before the onset of the crisis. The proportion of the population deemed poor rose from 31.3percent in 2000 to 33.0 percent in 2006 despite the increase in GDP per capita of about 2.7 percent a year during the same...

...* economy is now at a point when it can achieve sustained economic expansion
* These positive factors notwithstanding, a major weakness in the economy is that the growth is not perceived as being sufficiently inclusive for many groups
* especially Scheduled Castes (SCs), Scheduled Tribes (STs), and minorities
* Gender inequality
* adverse effect on women
* The lack of inclusiveness is borne out by data on several dimensions of performance.
* rate of decline in poverty has not accelerated along with the growth in GDP
* the incidence of poverty among certain marginalized groups, for example the STs, has hardly declined at all.
* proportion of the population deprived of a minimum level of living is much higher
* National Family Health Survey-3 (NFHS-3) shows that almost 46% of the children in the 0 to 3 years’ age group suffered from malnutrition in 2005–06
* 47% reported in 1998 by NFHS-2
* Indicators of human development such as literacy and education, and maternal and infant mortality rates, show steady improvement, but they also suggest that the progress is slow and we continue to lag behind several other Asian countries
* While the literacy rate has gone up from 18.3% in 1951 to 64.8% in 2001, the number of illiterate persons still exceeds 304 million
* country with the highest number of illiterate persons in the world
* Life expectancy at birth has increased from...

...﻿Discuss the extent to which economicgrowth may benefit the economy. (18)
Economicsgrowth is, it the short run an increase in real GDP and in the long run an increase in the productive capacity of an economy (the maximum output that the economy can produce). GDP stands for Gross Domestic Product which is the country’s production of goods and services valued at market price in a given time period. Real GDP is when these figures are corrected for inflation using a base year (The UK uses 2003 as its base year). It can be measured in three different ways; the output measure is the value of the goods and services produced by all sectors of the economy; agriculture, manufacturing, energy, construction, the service sector and government. The expenditure measure is the value of the goods and services purchased by households and by government, investment in machinery and buildings. It also includes the value of exports minus imports and finally the income method is the value of the income generated mostly in terms of profits and wages. Economicgrowth is often a result of low unemployment, which has an effect on the components of aggregate demand in that consumption will rise as when more people have a job, more people have more disposable income, savings and investment rise and with this productivity rises too. Long-term economicgrowth will arise from a continuous...

...﻿Economic situation in the Dominican Republic:
Some data from the World Bank:
Poverty ratio (% of population)
41.1% (2013)
Annual GDP Growth (%)
5.9% (2014)
GDP
$106.240 billion (2013)
GDP per capita
$10,060 (2013)
Inflation (CPI)
3.9% (2012)
Unemployment
12.5% (2013)
Public debt
30.7% of GDP (2011)
Exports
$6.161 billion (2010)
Imports
$14.53 billion (2010)
1. General information:
The Dominican Republic has the ninth largest economy in Latin America, and second largest in the Caribbean and Central American region. For the past two decades, the Dominican Republic has been one of the fastest growing economies, with GDP growth averaging around 5.5 percent annually between 1991 and 2013. However, despite this increase, poverty is higher today than in 2000. The poverty rate in 2013 was 41.1%, whereas in 2000 was 32%. They have a deficit in the balance of trade (Exp – Imp).
This country has long been viewed primarily as an exporter of sugar, coffee, and tobacco. However, in recent years the service sector has overtaken agriculture as the economy's largest employer. Nevertheless, despite this increase in the employment and earnings in the service sector, mining and agriculture continue to be the country’s highest export earners. In other words, the great employer in this country is the service sector, but the great exporters are agriculture and mining.
Obviously, the success of both tourism and exports is extremely...